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Homework answers / question archive / As the term is used in economics, rationality implies that a consumer will Select one: a

As the term is used in economics, rationality implies that a consumer will Select one: a

Economics

As the term is used in economics, rationality implies that a consumer will Select one: a. purchase as large a quantity of the good he or she most prefers that his or her available ob seek to maximize his or her total satisfaction given the income available. O c normally place the interests of others above those of him or herself O d. seldom be constrained by limited income when it comes to buying the goods he or she

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Answer- B

A rational consumer always tries to maximise his satisfaction with the available options and available income that he has. Just like A rational producer always tries to maximise profits with the available inputs and his budget. We assume the consumer is rational when we formulate Law of demand which says if price rises, quantity demanded declines, given that other factors are constant.

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